Real estate crowdfunding startup Prodigy Network closed on the acquisition of a 15-story rental building at 17 John Street for $85.3 million. The sum included more than $25 million in crowdfunded equity.
Prodigy, led by Rodrigo Nino, is in the process of converting the property into a 23-story, 191-unit extended-stay hotel. The building, nicknamed a “cotel,” aims to fuse a hotel, co-working space and LinkedIn-esque environment that offers extended stay suites, networkin events and collaborative work environments.
The startup’s Manhattan portfolio contains roughly $450 million in commercial buildings with more than $70 million of crowdfunded equity.
Jay Z’s Roc-A-Fella Records was formerly located at the Metro building on the site. [Crowdfunding Insider] — Mark Maurer